Robust Global Production Pushes Crude into Contango

Crude oil prices tumbled into bear market territory this week dragging the entire petroleum complex lower. The real hit to the gut came after the Energy Information Administration reported a 400K increase per day in production from 11.2 million barrels a day to 11.6 million barrels a day. Production had already been on the rise, as Saudi Arabia and Russia have been overproducing ahead of initiation of Iranian…